Nuveen

About Nuveen

Nuveen is an investment manager with several product lines. This page covers only its DST line, which sits inside its real estate business.

Nuveen Global Cities REIT's annual report on Form 10-K for 2025 says "Nuveen is the asset management arm and wholly owned subsidiary of Teachers Insurance and Annuity Association of America." Teachers Insurance and Annuity Association of America is better known as TIAA.

The REIT's 2026 prospectus supplement says Nuveen Real Estate had about $137 billion in real estate assets under management as of December 31, 2025.

Nuveen Global Cities REIT

The 10-K says Nuveen Global Cities REIT, Inc. is a Maryland corporation formed on May 1, 2017. A REIT (real estate investment trust) is a company that owns income-producing property and passes most of its income to shareholders.

The filing says there is no public trading market for its shares, and it calls the company a "perpetual-life REIT." The 10-K says the purchase price for its shares generally equals the prior month's net asset value (NAV) per share. It is advised by Nuveen Real Estate Global Cities Advisors, LLC, an affiliate of Nuveen Real Estate. Its principal office is at 730 Third Avenue, New York.

The REIT's stated focus is office, industrial, multifamily, retail, healthcare and alternative property types. The filing lists self-storage, student and single-family housing, and senior living as examples of alternatives.

Nuveen's DST program

A Delaware statutory trust is a legal entity that holds real estate for many investors. Each investor owns a beneficial interest in the trust instead of a deed. DST interests can qualify as replacement property in a 1031 exchange, which lets a seller defer capital gains tax on investment real estate.

The 10-K describes the program this way: "In June 2025, we, through the Operating Partnership, initiated a private placement program (the 'DST Program') to issue and sell up to $3.0 billion of beneficial interests ('DST Interests') in specific Delaware statutory trusts." The REIT's quarterly report for June 30, 2026 dates the start to June 6, 2025.

The 10-K adds that the trusts' properties "may be sourced from our real properties or from third parties." In other words, some DST buildings may come from the REIT's own portfolio.

The trusts on EDGAR

EDGAR, the SEC's filing database, shows Form D notices for two trusts so far. They are Nuveen Real Estate Exchange I DST, filed in July 2025, and Nuveen Real Estate Exchange II DST, filed in April 2026. A Form D is a short notice a company files when it sells securities in a private placement.

The Form D for Exchange I DST names Nuveen Real Estate Exchange LLC as "Sponsor of the Issuer." It reports a first sale on June 26, 2025, and a $250,000 minimum investment. It lists Nuveen Securities, LLC as the firm paid to sell the interests.

The REIT connection

Some DST programs run by REITs are built so the REIT's operating partnership can later buy the DST interests in exchange for partnership units. That is called a 721 exchange or UPREIT. Ask Nuveen or your broker whether the Nuveen trusts include such an option, and on what terms. The PPM is the place to confirm it. The DST vs. REIT guide explains how owning a DST interest differs from owning REIT shares.

What to keep in mind

DST interests are private placements, generally sold only to accredited investors. They are illiquid, and money can be tied up for years. Distributions are not guaranteed, and the investment can lose value.

How to research Nuveen's offerings

Read the private placement memorandum (PPM) for any Nuveen DST, plus the REIT's latest 10-K and 10-Q, since the program runs through the REIT. Each trust's Form D is on EDGAR under its own name. The dealer manager is Nuveen Securities, LLC (CRD 469), which you can look up on FINRA BrokerCheck. Ask about fees, debt, how properties moving from the REIT into a trust are priced, and any exit into the REIT. The guides on how to check a DST sponsor and how to read a DST offering cover these steps.

Frequently asked questions

Is Nuveen a DST sponsor?

Yes. Nuveen Global Cities REIT started a DST Program in June 2025 to sell up to $3.0 billion of DST interests. The trusts are named Nuveen Real Estate Exchange DST.

Who owns Nuveen?

Nuveen is a wholly owned subsidiary of Teachers Insurance and Annuity Association of America (TIAA), according to the REIT's 10-K. The DST Program runs through Nuveen Global Cities REIT, which Nuveen's real estate arm advises.

What is Nuveen Real Estate Exchange?

It is the name used for the trusts in Nuveen's DST Program. Form D filings name Nuveen Real Estate Exchange LLC as sponsor of each trust.

What is the minimum investment in a Nuveen DST?

The Form D for Nuveen Real Estate Exchange I DST lists a $250,000 minimum. Check each offering's PPM, since terms can differ.

Is Nuveen Global Cities REIT traded on an exchange?

No. Its 10-K says there is no public trading market for its shares. Its share price is generally based on the prior month's net asset value per share.

Does Nuveen offer 721 exchange programs?

Some DST programs run by REITs are built so the REIT's operating partnership can later buy the DST interests in exchange for partnership units. Ask Nuveen or your broker whether the Nuveen trusts include such an option, and on what terms. The PPM is the place to confirm it.